HSBC set a new record low rate today but a top mortgage adviser doesn’t expect more rate drops to follow.

New properties which started construction this week will be a “unique opportunity” for first home buyers and those locked out of the property market, according to a government minister.

The government has announced ballots for the 25 KiwiBuild apartments in Onehunga will open next week.

The properties in the @340 development will be available to eligible KiwiBuild buyers. They include six studio apartments priced from $380,000, 12 one-bedroom apartments priced from $490,000, and seven two-bedroom apartments priced at $600,000.

Construction on these homes started on September 13 and they are due for completion by August 2019.

Housing and Urban Development Minister Phil Twyford said the architecturally-designed apartments will be built to high specifications to minimise ongoing maintenance costs and maximise living space.

The minister said the development is a six-minute walk from Onehunga train station and on a main bus route with connections to the CBD and Auckland Airport. It will also have light rail.

“This is a unique opportunity for those who have been locked out of the property market to buy a modern, new home in an increasingly popular area that might otherwise have been out of reach for first-home buyers,” Twyford said.